Business Terms From Glossary - Marketing

for the 2025 exams

Above-the-line promotion

Various forms of promotion aimed at mass audiences, like TV and radio ads.

Below-the-line promotion

Promotion focused on specific segments or groups.

Brand awareness

Degree to which consumers recognize a product.

Brand development

Process of building brand awareness.

Brand loyalty

Continued purchase of a brand despite alternatives.

Brand value

Estimation of a brand's worth.

Competitive pricing

Pricing based on competitors' prices.

Contribution pricing

Price based on variable costs plus markup.

Cost-plus (mark-up) pricing

Pricing method adding costs and markup to determine sales price.

Customer loyalty programmes

Marketing strategies rewarding repeat customers.

Economy of scale

Reduction in per-unit production cost with business growth.

Loss leader

Product sold at a loss to attract customers.

Market growth

Increase in consumers buying a product or service.

Market orientation

Approach focusing on customer needs and wants.

Market share

Percentage of market controlled by a company or product.

Mass market

Market for goods produced in large quantities.

Niche market

Small specialized part of a larger market.

Penetration pricing

Initially low price to attract customers for a new product.

Predatory pricing

Selling at low prices to eliminate competition.

Premium pricing

Setting higher prices to imply higher quality.

Price elasticity of demand

Sensitivity of demand to price changes.

Product orientation

Focuses on high-quality product rather than sales quantity.

Product portfolio

All products and services offered by a company.

Sampling

Selecting a subset from a population for estimation.

Segmentation

Dividing a market into segments based on various criteria.

Target market

Specific group of customers a company is trying to reach.

Through-the-line promotion

Integrated marketing approach.

Variances

Differences between planned and actual sales and costs.